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Friday, February 21, 2020

Utah Supreme Court rules in securities case

By Kathy Woods | Jul 31, 2009

SALT LAKE CITY (Legal Newsline)-The Utah Supreme Court on Friday upheld a district court's ruling in a 2005 securities case.

Utah Division of Securities had sought action against broker Richard Mack. The division had filed a civil petition seeking license sanctions and fines. They accused him of failing to supervise a broker who was selling unregistered securities.

The investigation began during the resignation of Division director Wayne Klein last year. Mack was one of many cases outlined in a legislative audit report. The investigation against Mack found that there were many problems with the Division of Securities.

The opinion of the Supreme Court was that the division's claims should have been brought forward and that the district judge properly issued the injunction.

A former business associate of Mack's, Rep. Jim Bird, R-West Jordan, requested the audit.
The division had argued that the district court had no jurisdiction over its actions with Mack, but the justices disagreed and concluded Utah law grants the district court broad authority over the division's administrative actions.

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